CSO DEBT ALLIANCE WELCOMES SUPPLEMENTARY BUDGETARY ALLOCATION TO EXTERNAL DEBT SERVICING

By Tellah Hazinji

The Civil Society Organizations-CSO- Debt Alliance says the money allocated to servicing the country's external debt will go a long way especially with the progress made in restructuring Zambia’s debt.

In his budget speech, Finance and National Planning Minister Situmbeko Musokotwane disclosed that out of the total K41.9 Billion revised budget, K14.6 Billion has been dedicated to service external debt obligations following the debt restructuring agreements reached between government and its creditors including official creditors, bondholders and other private creditors.

In an interview with Phoenix News, Alliance National Coordinator Peter Mumba says although the 34.8 percent allocation is a larger chunk of the budget, it is a step in the right direction as it will help to resolve some of the debt challenges that the country has been experiencing including defaulting.

Mr. Mumba adds that what is remaining is to have a full revision of the credit ratings that the country is sitting on, in order to attract the necessary investments and development.

PHOENIX NEWS